Bitcoin, This Direction Has A Higher Likelihood Now!

Hello Traders Investors And Community,

Welcome to this update-analysis where we are looking at bitcoins 1-hour timeframe perspective, since the last time I looked at this timeframe with bitcoin there has changed something important in the structure, as the EMA-support bitcoin still has within the 100-EMA marked in red held properly and bitcoin right away bounced at the EMA and the neckline to the upside, this was a more bullish move and the possibility for a bullish confirmation of the head and shoulder formation rather than a bearish breakdown has increased now, if you did not watch this analysis already I highly recommend that you watch it by going to my account to have a full-depth-overview, previously it had been two possible directions in which the bearish one was still not the more likely this just became clearer now as bitcoin bounced at the important level, it is what we need to assess when considering trading as it is always important to wait for the proper confirmations before going in any direction for sure as people often tend to overspeculate in only one direction seen to often these days this can prove fatal in the end.

For bitcoin now this does mean that it has opened some good possibilities to firstly continue bullish in the structure here, furthermore, it has to move above the falling resistance line marked in grey in my chart, when bitcoin finally completes with it this can provide a decent entry set up as it is marked in my chart, when bitcoin moves above the level the head and shoulder formation is bullishly confirmed and we can expect the higher levels to be reached with an increased likelihood within bitcoins schedule. When bitcoin has reached the overall upside targets at around 11250-11275 it has to be elevated how bitcoin reacts in this level as there are resistances which should not be necessarily underestimated, bitcoin needs to show if it has the strength to move directly above this level or firstly form a pull-back to lower grounds. What is important here is that we keep cool and look at how bitcoin reacts then to then assess the marked appropriate and be prepared on possible upcoming volatile movements also in the reverse perspective, it will be interesting how bitcoin shows up with it.

In this manner, thank you for watching, support for more market insight, good day to you, and all the best!
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Information provided is only educational and should not be used to take action in the markets.

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Initial Analysis:

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Bitcoin made the breakout above the descending resistance line as expected, now the head and shoulder confirmed suggestively and activated upside targets.